Transparency

report
PricewaterhouseCoopers Slovensko, s.r.o.

for the year ended 31 December 2024

Contents

03 08 13 22
Message from Our approach to
Cultures and values Our people
leadership quality

26 31 35 37
Legal and
Our approach Monitoring PwC Network governance
structure

39 40 41 43
Partners Financial Information List of Public Interest
PwC network firms
remuneration Entities audited

PwC | Transparency report 2

 Message from
leadership

Message Our approach Cultures and Our people Our approach Monitoring PwC Network Legal and
from to quality values governance
leadership structure

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Message from leadership

Welcome to our 2024 Transparency report

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of
firms in 149 countries with more than 370 000 people who are committed to delivering quality in
assurance, advisory and tax services. We are committed to driving a strong culture of quality and
excellence that is core to our purpose.
PwC’s approach to building trust is designed to meet rising expectations of transparency,
accountability and stakeholder engagement. It combines expertise in audit, tax and compliance
activities with a drive to expand specialist capabilities in areas such as cyber security, data privacy,
ESG and AI. It also recognises the importance of quality - and that reporting and compliance
represent just one link in a chain that includes organisational culture, executive mindset, aligned
standards, certified professionals, stringent controls, tailored technologies and appropriate
governance. It is part of our public interest commitment to consistently perform quality engagements
and be transparent about our system of quality management.
Similar to building trust, delivering sustained outcomes requires us to work in an integrated way.
Instead of taking a traditional technology-driven approach to transformation, PwC focuses on the
outcomes that our work is seeking to achieve. To deliver the agreed outcomes, we then mobilise our
expertise in areas including – among many others – strategy, digital and cloud services, value
creation, people and organisation, tax, sustainability reporting, deals, business recovery services,
legal and compliance.
Our strategy builds on our ongoing commitment to quality.

We have prepared this Transparency Report, in respect of the financial year ended 31 December
2024, in accordance with the requirements of Article 13 of the EU Regulation No. 537/2014 and Article
7(1)(e) of the Act No. 423/2015 Coll. on Statutory Audit and on amendments and supplements to Act
No. 431/2002 Coll. on Accounting, as amended.

Martin Gallovič
Country Managing Partner

Bratislava, 30 April 2025

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A message from our Assurance Leader

The feedback from society is clear - there is a significant trust deficit with our institutions
today. Government, business, markets, gatekeepers, media, etc. How can Trust be rebuilt given the
ever advancing effects of technology on society and individuals?
As leaders in our profession, we take our public mandate seriously. The public accounting
profession was established to provide trust. Today in our Assurance practice, trust lies at the heart of
everything we do. It’s fundamental to fulfilling our firm’s purpose. One of the ways we build trust is by
being transparent.
As auditors, we are acutely aware of the most important trust driver: the quality of our external audits.
That’s why we’re pleased to present our Transparency Report for our financial year ended 31
December 2024. The purpose of this report is to give a glimpse as to how we maintain quality in our
audits. The report describes our policies, systems and processes for ensuring quality, the results of
key quality monitoring programs and reviews, and the way we build a culture of quality at every level
of the firm. It details the companies we performed audits for and the total revenue from our audit and
non-audit work.
Broadening the definition of audit quality
Over time the complexity of commerce has driven a more complex financial accounting model,
which in turn has required more complex audits and skills. In addition, ESG and the demands from
society will also require companies to report additional important information and external
verification. How we define audit and therefore audit quality continues to expand. We welcome the
public conversations that arise on transparency about audit quality. We believe there are many
factors that contribute to a quality audit, therefore, to get a balanced picture of audit quality in
Slovakia stakeholders need to see a range of measures.
Continuing the discussion on audit quality
Our audit business is fundamental to our strategy and brand. We continue to invest in continuous
improvement in audit quality through new systems and technology, risk processes and learning and
development for our people. I’m proud of the role we’re playing in continuous discussion about audit
quality in Slovakia.
Our ultimate goal is that our stakeholders see that we have obtained reasonable assurance in all
audit areas. We are driving a quality improvement plan aimed at achieving this goal.

Peter Havalda
Assurance Leader for Slovakia,
Licensed statutory auditor

Bratislava, 30 April 2025

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Year in review

Partner and staff survey Our system of quality management Real time reviews

74% Number of hours spent on Number of audit

monitoring engagements included
of our People participated
in the real time review
in our Global People 37 404 hours for the CEE
program
Survey Region
1 700 hours for territory (on
80% average) 10 audit engagements
of the respondents 5 findings
believe they are
Quality findings identified as of 31
encouraged to deliver
December 2024 out of which 1
high quality audits
remediated to the date of the
report - CEE

Auditing and accounting training hours

Number of hours of auditing and accounting training mandated by CEE Region annually

Partners

Managers

Senior Associates

Associates

0 10 20 30 40 50 60 70 80 90 100

Assurance Training FY24 Assurance Training FY23

Training hours achieved by partners and staff Training hours achieved by partners and staff

11 960 13 101 10 916 11 875 17 718 10 079

online classroom ACCA online classroom ACCA

Total hours completed Total hours completed

35 977 39 672

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Year in review

Average annual FY24 overtime hours by level FY23 overtime hours by level
hours worked in
excess of 40 hours
1 258 1 884 8 293 6 225 1 090 2 290 9 906 7 596
per week by level
Senior Senior
Partners Managers Associates Associates Partners Managers Associates Associates

Leveraged ratio of audit-related hours for audit team members

FY24 FY23 FY22 FY21
Partners to Manager 1 to 4.5 1 To 4.8 1 To 4.9 1 To 5.4
Manager to Staff 1 to 4.4 1 to 4.4 1 to 4.6 1 to 4.4
Partners to Staff 1 to 20.2 1 to 21 1 to 22.8 1 to 23.9

Average fluctuation rate by staff level

FY24 FY23

14% 24% 29% 8% 15% 18% 18%

Managers Senior Associates Partners Managers Senior Associates

Associates Associates

Use of Alternative Delivery Models

Technical support - for CEE Region (Competency Centres, SDCs)

1 to 5.3 22.8%
Ratio of partners serving in technical support Percentage of audit hours performed by
roles to the total number of audit partners Acceleration Centres

Experience of our partners

Partners’ average years of experience at PwC 23 years

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 Our approach
to quality

Message Our approach Cultures and Our people Our approach Monitoring PwC Network Legal and
from to quality values governance
leadership structure

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Our approach to quality

International Standard on Quality The QMSE framework is designed to align with the
objectives and requirements of ISQM 1 and provides a
Management 1 (ISQM 1) model for quality management in PwC firms that integrates
quality management into business processes and the firm-
In December 2020, the International Auditing and wide risk management process. Under QMSE, our overall
Assurance Standards Board (IAASB), approved and quality objective is supported by a series of underlying
released three new and revised standards that strengthen quality management objectives and each firm’s SoQM
and modernise a firm’s approach to quality management, should be designed and operated so that the overall
including ISQM 1. This standard which became effective quality objective, which includes meeting the objectives
15 December 2022 required all firms to have designed and and requirements of ISQM 1, is achieved with reasonable
implement the requirements of the standard and evaluate assurance.
their System of Quality Management (SoQM) under the
new standard by 15 December 2023.

“
ISQM 1 is an objectives-based approach that expects
firms to have an SoQM that operates in a continuous and
Overall quality objective under the
iterative manner taking into consideration the conditions,
events, circumstances, actions and inactions that impact a QMSE framework
firm. It enhances the firm’s responsibilities around To have the necessary capabilities in our
monitoring and remediation, emphasising the need for organisation and to deploy our people to
more proactive, real time monitoring of the SoQM, a more
consistently use our methodologies, processes and
effective, efficient, and timely root cause analysis process,
technology to deliver services in an effective and
and timely and effective remediation of deficiencies.
efficient manner to fulfil the expectations of our
ISQM 1 states that the objective of the firm is to design,
clients and other stakeholders
implement and operate an SoQM that provides the firm
with reasonable assurance that:
• The firm and its personnel fulfil their responsibilities in
accordance with professional standards and applicable
Integrated and aligned in the right way
legal and regulatory requirements, and conduct
engagements in accordance with such standards and Our SoQM includes quality objectives are identified from
requirements; and the following components of ISQM 1 as well as any
additional objectives the PwC Network has identified in the
• Engagement reports issued by the firm or engagement QMSE framework.
partners are appropriate in the circumstances.
The standard goes on to say that the public interest is • Governance and leadership
served by the consistent performance of quality • Relevant ethical requirements
engagements and that this is enabled by an effective • Acceptance and continuance of client relationships
SoQM. and specific engagements
• Engagement performance
• Resources
A specific focus on audit quality • Information and communication
across the Network To help us achieve these objectives, the PwC Network
invests significant resources in the continuous
The PwC Network’s Assurance QMSE framework enhancement of quality across our network. This includes
having a strong quality infrastructure supported by the right
Delivering high-quality work is at the heart of what we do people, underlying tools and technology at both the
at PwC; it is what our stakeholders rightly expect of us. network level and within our firm, and a programme of
To deliver services in an effective and efficient manner that continuous innovation and investment in our technology.
meets the expectations of our clients and other The PwC Network’s Global Assurance Quality (GAQ)
stakeholders, the PwC Network has established the organisation aims to support PwC firms in promoting,
Quality Management for Service Excellence (QMSE) enabling, and continuously improving Assurance quality
framework which integrates quality management into how through effective policies, tools, guidance and systems
each firm runs its business and manages risk. used to further promote and monitor quality and to build an
appropriate level of consistency in what we do.

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Our approach to quality

These elements have been integrated and aligned by our

The CEE Regional Approach
network to create a comprehensive, holistic and
interconnected quality management framework that each PwC CEE operates on a regional basis and consequently
firm tailors to reflect our individual circumstances. Each the majority of processes, controls and systems are
firm is responsible for utilising the resources provided by regional. These are supplemented by local policies and
the network as part of our efforts to deliver quality to meet procedures that address local risks and the
the expectations of our stakeholders. implementation of regional requirements. Local leadership
The Quality Management Process has reviewed and assessed both the CEE regional and
The achievement of these objectives is supported by a local territory components of the SoQM.
quality management process (QMP) established by our
firm and Assurance leadership, business process owners,
and partners and staff. This quality management process
includes:
Our firm’s SoQM
● identifying risks to achieving the quality objectives
● designing and implementing responses to the
assessed quality risks Our SoQM must be designed, implemented and operating
on an ongoing basis to achieve the quality objectives. This
● monitoring the design and operating effectiveness of
ongoing process includes monitoring, assessing,
the policies and procedures through the use of
evaluating, reporting, and being responsive to changes in
process-integrated monitoring activities such as real-
quality risks, driven by the firm’s internal and external
time assurance as well as appropriate Assurance
environment. This is our QMP.
Quality Indicators
● continuously improving the SoQM when areas for Our focus on quality management is therefore not to apply
improvement are identified by performing root cause prescribed rules but rather to design and implement risk
analyses and implementing remedial actions; and responses which are fit for purpose to manage the risks
we identify in our own risk assessment and achieve the
● establishing a quality-related recognition and
quality objective staking into consideration the conditions,
accountability framework to both set clear
events, circumstances, actions and/or inactions that may
expectations of expected quality behaviours and
impact our SoQM.
outcomes and reinforce those expectations through
consistent and transparent use in appraisals, Our risk assessment process
remuneration, and career progression decisions
The past several years have seen unprecedented
challenges and our firm’s SoQM has helped us navigate
and respond to the impact that identified factors had on our
ability to achieve the overall assurance quality objective -
to deliver quality audit engagements. Our SoQM includes
the performance of a risk assessment over the quality
objectives identified in the QMSE framework. We consider
This involves the integrated use of how and the degree to which a condition, event,
circumstance, action or inaction may adversely affect the
Assurance Quality Indicators to aim to achievement of the quality objectives which may result in:
predict quality issues, Real-Time
Assurance to aim to prevent quality • New or changing quality risks to achieving one or
more of the quality objectives
issues, Root Cause Analysis to learn
from quality issues and a Recognition
• Changes to the assessment of existing quality risks

and Accountability Framework to

• Changes to the design of the firm’s SoQM, including
the risk responses
reinforce quality behaviours, culture and
actions A quality risk is one that has a reasonable possibility of
occurring and individually, or in combination with other
quality risks, could adversely affect the achievement of
one or more quality objectives.

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Our firm’s system of quality management

Aim to Predict: Assurance

Quality Indicators

We have identified a set of Assurance Quality

Indicators (AQIs) that support our Assurance
leadership team in the early identification of
potential risks to quality, using metrics to aim
to predict quality issues. This quality risk
analysis is an essential part of our QMSE,
and the AQIs, in addition to other
performance measures, also provide a key
tool in the ongoing monitoring and continuous
improvement of our SoQM.

Throughout this transparency report, we have provided insight into the policies and procedures that have been designed,
implemented and are operating on local or CEE regional level to reduce the quality risks we have identified to an
acceptable level and help us achieve reasonable assurance over the firm’s SoQM.
As mentioned above, some of our policies and procedures are provided by the PwC Network which we have assessed to
determine that these resources are appropriate for use as part of our SoQM and in the performance of engagements. The
following sections of the report cover the following ISQM 1 quality objectives:
• Cultures and values – Governance and leadership, relevant ethical requirements, acceptance and continuance of
client relationships and specific engagements
• Our people – Human resources
• Our approach – Intellectual and technological resources, engagement performance, information and communication
Our monitoring and remediation process
In the section, Monitoring, we have described the types of ongoing and periodic monitoring our firm has designed,
implemented and are operating to provide relevant and reliable information about our firm’s SoQM and to help us take
appropriate actions over any identified deficiencies so we can remediate those deficiencies effectively and on a timely
basis. To support the timely and effective remediation of identified deficiencies, our firm has designed, implemented and
are operating a root cause analysis program that is described further on page 34.
The information gathered from our monitoring and remediation process along with other sources of information, such as
external reviews, is used to help us evaluate our SoQM.

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Our firm’s system of quality management

Statement on the effectiveness of the firm's SoQM

During the year, we completed our evaluation of the firm’s SoQM under ISQM 1. On behalf of PwC Slovakia, Peter
Havalda has evaluated whether our firm’s SoQM provides us reasonable assurance that:
• The firm and its personnel fulfil their responsibilities in accordance with professional standards and applicable legal
and regulatory requirements, and conduct engagements in accordance with such standards and requirements; and
• Engagement reports issued by the firm or engagement partners are appropriate in the circumstances.
Based on all the relevant information of the firm’s SoQM, as at 31 December 2024, we believe our SoQM provides us
with reasonable assurance that the quality objectives of ISQM 1 noted above have been achieved.
Between the evaluation date, of 31 December 2024, to the date of this transparency report of 30 April 2025, no
additional information has indicated that there are any new significant (severe or pervasive) deficiencies in the quality
management system of PwC Slovakia related to the SoQM from the period of 1 January 2024 to 31 December 2024.

The assessment of the firm’s SoQM is done within the PwC CEE on two levels. First the PwC CEE leadership performs
the assessment of the SoQM for the whole CEE Region. Subsequently the results from this assessment are
communicated to the leadership teams in each territory. Based on these results, supplemented with territory-specific
information (eg. results from local regulatory reviews, territory AQIs), the territory leadership concludes on the SoQM for
the territory. This territory assessment forms the basis of the statement of effectiveness of the firm’s SoQM as included
in the Transparency Report.

Last Quality Assurance Review

The last external quality assurance review carried out in compliance with Article 26 of the Regulation 537/2014 was
carried out by the Audit Oversight Authority (UDVA) between October 2023 and April 2024 with the final report issued on
April 24, 2024. According to the Article 35(4)(e) of the Act No. 423/2015, the regulatory inspection of audit firm are
performed every 3 years.
PwC Slovakia continues to be registered to conduct statutory audit work in the Slovak republic.

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 Cultures and
values

Message Our approach Cultures and Our people Our approach Monitoring PwC Network Legal and
from to quality values governance
leadership structure

PwC | Transparency report 13

Our culture and values

Measurement and
Definition and culture
transparency
At PwC, we define quality service as consistently meeting For all our businesses, each PwC firm – as part of the
the expectations of our stakeholders and complying with agreement by which they are members of the PwC
all applicable standards and policies. An important part of network – is required to have in place a comprehensive
our ability to deliver against this quality definition is SoQM; to annually complete an SoQM performance
building a culture across a network of more than 370 000 assessment; and to communicate the results of these
people. This culture of quality emphasises that quality is assessments to global leadership. These results are then
the responsibility of everyone. Continuing to enhance this discussed in detail with the leadership of each local firm
culture of quality is a significant area of focus for our and if they are not at the level expected, a remediation
global and local leadership teams and one which plays a plan is agreed with local leadership taking personal
key part in the measurement of their performance. responsibility for its successful implementation.
As the services that our network provides change and
develop, and the needs and expectations of our
stakeholders also change, the PwC network is continually
reviewing and updating the scale, scope and operations
of our PwC firms’ systems of quality management and
investing in programmes to enhance the quality of the
services that the PwC network provides.

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Our firm’s commitment to quality

Leadership and tone at the top

Our purpose and values are the foundation of our success. Our purpose is to build trust in society and solve important
problems, and our values help us deliver on that purpose. Our purpose reflects ‘why’ we do what we do, and our strategy
provides us with the ‘what’ we do. ‘How’ we deliver our purpose and strategy is driven by our culture, values and behaviours.
This forms the foundation of our SoQM and permeates how we operate, including guiding our leadership actions, and how we
deliver ‘trust in what matters’.
Trust in what matters
Today companies are judged on far more than financial outcomes. A company’s performance in areas like ESG, cyber
security, can affect its reputation, staff retention, access to capital, and ultimately enterprise value.
That’s why we’re evolving our assurance offering to provide confidence not just in companies’ financial statements but in their
broader impact.
We call this ‘trust in what matters.’ We apply rigorous standards to analyse companies’ performance on issues such as
climate and diversity. This helps companies demonstrate their progress, enabling these firms to build trust, enhance their
corporate reputations, and grow enterprise value.
We encourage our clients to understand what matters to their stakeholders, and we deliver assured information about the
company’s performance on these measures. We believe that if it needs to be trusted, it needs to be assured. High-quality
assurance heightens accountability and trust while giving companies a robust basis for tracking and working to improve their
performance.
When working with our clients and our colleagues to build trust in society and solve important problems, we:
• Act with integrity • Work together
• Make a difference • Reimagine the possible
• Care
To further drive our Culture of Quality, the PwC CEE Firm ran a dedicated Culture of Quality initiative. As part of this program
the Firm has identified the Critical Few Behaviours using the approach developed by PwC's Katzenbach Center and has been
the basis for various Audit/Assurance practices around the network to start their Culture journey. Our Critical Few Behaviours
are:
• Be Present • Speak Up
• Lead by Example • Share Context
This culture is supported by an appropriate tone at the top through regular communication from leadership to all partners and
staff about the firm’s commitment to quality. This culture is supported by appropriate tone at the top through regular
communication from leadership to all partners and staff about the firm’s commitment to quality. Key messages are
communicated to our firm by our Senior Partner and our leadership team and are reinforced by engagement partners. These
communications focus on what we do well and actions we can take to make enhancements. Leadership and engagement
partners take the lead on these actions as they role model the expected behaviours in interactions with clients and teams. We
measure whether our people believe that our leaders’ messaging conveys the importance of quality to the success of our
firm. Based on this tracking, we are confident our people understand our quality objectives. Delivering service of the highest
quality is core to our purpose and our Assurance strategy, the focus of which is to strengthen trust and transparency in our
clients, in the capital markets and wider society.

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 Reinforce: Recognition and Accountability Framework

Our Recognition and Accountability Framework (RAF) reinforces quality in everything our people do in delivering on
our strategy, with a focus on the provision of services to our clients, how we work with our people and driving a high-
quality culture. Our RAF has been designed to both set clear expectations of expected quality behaviours and
outcomes and reinforce those expectations by holding Partners accountable for quality behaviours and quality
outcomes beyond compliance. Our RAF considers and addresses the following key elements:
• Quality outcomes: We provide transparent quality outcomes to measure the achievement of the quality
objectives. Our quality outcomes take into account meeting professional standards and the PwC network and
our firm’s standards and policies
• Behaviours: We have set expectations of the right behaviours that support the right attitude to quality, the right
tone from the top and a strong engagement with the quality objectives
• Interventions/recognition: We have put in place interventions and recognition that promote and reinforce
positive behaviours and drives a culture of quality
• Consequences/reward: We have implemented financial and non-financial consequences and rewards that are
commensurate to outcome and behaviour and sufficient to incentivise the right behaviours to achieve the
quality objectives
A CEE Values Moderation Committee which comprises the CEE CEO, the CEE CRO, the Partner Office leader, the
PwC Chair and the members of the PwC Income & Moderation subcommittee was set up during FY’24 to help
ensure consistent application of the RAF. It met three times in regard to FY’24 ensuring timely application of the
RAF.

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Ethics, independence and objectivity

Ethics

At PwC, we adhere to the fundamental principles of ethics set out in the International Ethics Standards Board for
Accountants (IESBA) Code of Ethics for Professional Accountants (the Code), which are:
i. Integrity – to be straightforward and honest in all professional and business relationships.
ii. Objectivity – to not allow bias, conflict of interest or undue influence of others to override professional or business
judgements.
iii. Professional Competence and Due Care – to maintain professional knowledge and skill at the level required to
ensure that a client or employer receives competent professional service based on current developments in
practice, legislation and techniques and act diligently and in accordance with applicable technical and professional
standards.
iv. Confidentiality – to respect the confidentiality of information acquired as a result of professional and business
relationships and, therefore, not disclose any such information to third parties without proper and specific authority,
unless there is a legal or professional right or duty to disclose, nor use the information for the personal advantage of
the professional accountant or third parties.
v. Professional Behaviour – to comply with relevant laws and regulations and avoid any action that discredits the
profession.
Our network standards applicable to all network firms cover a variety of areas including ethics and business conduct,
independence, anti-money laundering, anti-trust/fair-competition, anti-corruption, information protection, firm’s and
partner’s taxes, sanctions laws, internal audit and insider trading. We take compliance with these ethical requirements
seriously and strive to embrace the spirit and not just the letter of those requirements. All partners and staff undertake
annual mandatory training, as well as submitting annual compliance confirmations, as part of the system to support
appropriate understanding of the ethical requirements under which we operate. Partners and staff comply with the
standards developed by the PwC Network and leadership in PwC Slovakia monitors compliance with these obligations.
In addition to the PwC Values (Act with Integrity, Make a difference, Care, Work together, Reimagine the possible) and
PwC Purpose, PwC Slovakia has adopted PwC’s Global Code of Conduct, Network Standards and related policies that
clearly describe the behaviours expected of our partners and other professionals - behaviours that will enable us to build
public trust. Because of the wide variety of situations that our professionals may face, our standards provide guidance
under a broad range of circumstances, but all with a common goal - to do the right thing.
Upon hiring or admittance, PwC Slovakia provides an overview of the PwC Global Code of Conduct and the expected
behaviours for all partners and staff, who should follow these expectations throughout their professional careers at our
firm. As part of the values and expectations in the Code, they also have a responsibility to report and express concerns,
and to do so fairly, honestly, and professionally when dealing with a difficult situation or when observing conduct
inconsistent with the Code. In addition, every partner and staff are required to complete new hire training, which covers
the ethics and compliance network standards, including ethics and the Code of Conduct.
PwC has implemented a network-wide confidential ethics helpline for the reporting of questions or concerns related to
behaviours that are inconsistent with the Code of Conduct and related policies. Every PwC firm has a separate and
secure tier of the ethics helpline for their confidential matters and investigations. The ethics helpline is also available for
third parties, including clients. The ethics helpline allows our partners, staff and third parties to feel safe raising a question
or concern without fear of retaliation.
The PwC Code of Conduct and the ethics helpline are available online for all internal and external stakeholders at
https://www.pwc.com/ethics.
PwC Slovakia has adopted an accountability framework to facilitate remediation of behaviours that are inconsistent with
the Code of Conduct.
Finally, the Organisation for Economic Co-operation and Development (OECD) provides guidance, including the OECD
Guidelines for Multinational Enterprises (the OECD Guidelines), by way of non-binding principles and standards for
responsible business conduct when operating globally. The OECD Guidelines provide a valuable framework for setting
applicable compliance requirements and standards. Although the PwC network consists of firms that are separate legal
entities which do not form a multinational corporation or enterprise, PwC’s network standards and policies are informed by
and meet the goals and objectives of the OECD Guidelines.

PwC | Transparency report 17

 Objectivity and Independence

As auditors of financial statements and providers of other types of professional services, PwC firms and their partners and
staff are expected to comply with the fundamental principles of objectivity, integrity and professional behaviour. In relation
to assurance clients, independence underpins these requirements. Compliance with these principles is fundamental to
serving the capital markets and our clients.
The PwC Global Independence Policy, which is based on the Code, including International Independence Standards,
contains minimum standards with which PwC firms have agreed to comply, including processes that are to be followed to
maintain independence from clients, when necessary.
The independence requirements of the United States Securities and Exchange Commission (SEC) and those from the EU
are, in certain instances, more restrictive than the Global Independence Policy. Given the reach of these requirements
and their impact on PwC firms in the network, the Policy identifies key areas where an SEC or EU requirement is more
restrictive. Provisions that are specifically identified as applicable to SEC or EU restricted entities must be followed in
addition to, or instead of, the Policy in the associated paragraph.

Independence policies and practices

The PwC Global Independence Policy covers, among others, the following areas:
• personal and firm independence, including policies and guidance on the holding of financial interests and other
financial arrangements, e.g., bank accounts and loans by partners, staff, the firm and its pension schemes;
• non-audit services and fee arrangements. The policy is supported by Statements of Permitted Services (SOPS),
which provide practical guidance on the application of the policy in respect of non-audit services to audit clients and
related entities;
• business relationships, including policies and guidance on joint business relationships (such as joint ventures and
joint marketing) and on purchasing of goods and services acquired in the normal course of business; and
• acceptance of new audit and assurance clients, and the subsequent acceptance of any non-assurance services to
be provided to those clients.

On the CEE level we have a designated Partner (known as the ‘Partner Responsible for Independence’ or ‘PRI’) with
appropriate seniority and standing, who is responsible for implementation of the PwC Global Independence Policy
including managing the related independence processes and providing support to the business. The PRI is supported
by a team of independence specialists. The PRI reports directly to the CEE Chief Risk Officer, a member of the CEE
firm’s Leadership Team.

In addition, there is a Network Risk Management Policy governing the independence requirements related to the rotation
of key audit partners.
These policies and processes are designed to help PwC firms comply with relevant professional and regulatory standards
of independence that apply to the provision of assurance services. Policies and supporting guidance are reviewed and
revised when changes arise such as updates to laws and regulations, including any changes to the Code or in response
to operational matters.
PwC Slovakia supplements the PwC Global Independence Policy as required by Act 423/2015 Coll, where they are more
restrictive than the network’s policy and of the EU Audit Regulation, including the independence requirements of the
United States Securities and Exchange Commission and those of the Public Company Accounting Oversight Board of the
United States.

PwC | Transparency report 18

 Independence-related systems and tools
As a member of the PwC network, PwC Slovakia has access to a number of systems and tools which support PwC
firms and their personnel in executing and complying with their independence policies and procedures. These include:
• The Central Entity Service (CES), which contains information about corporate entities including all PwC audit
clients and their related entities (including all public interest audit clients and SEC restricted entities) as well as
their related securities. CES assists in determining the independence restriction status of clients of the PwC firm
and those of other PwC firms before entering into a new non-audit service or business relationship. This system
also feeds Independence Checkpoint and the Authorisation for Services system;
• ‘Independence Checkpoint’ which facilitates the pre-clearance of publicly traded securities by all partners and
managerial practice staff before acquisition and is used to record their subsequent purchases and disposals.
Where a PwC firm wins a new audit client or there is a change in the restriction status of a security, this system
automatically informs those holding relevant securities of the requirement to sell the security where required;
• Authorisation for Services (AFS) which is a global system that facilitates communication between a non-audit
services engagement leader and the audit engagement leader, regarding a proposed non-audit service,
documenting the analysis of any potential independence threats created by the service and proposed safeguards,
where deemed necessary, and acts as a record of the audit partner’s conclusion on the permissibility of the
service;
• Joint Business Relationships (JBR) which is a global system used to clear joint (close) business relationships from
an independence perspective. JBR is used to facilitate PwC firms' compliance with JBR requirements for new and
existing joint business relationships. It assists independence specialists in gathering information to assess, from an
independence perspective, the permissibility of proposed joint business relationships and in monitoring the
continued permissibility of previously approved existing joint business relationships;
• My Compliance Dashboard (MCD) which is a global compliance system that facilitates annual compliance
confirmations, engagement independence confirmations and reporting; and
• Global Breaches Reporting System which is designed to be used to report any breaches of external auditor
independence regulations (e.g., those set by regulation or professional requirements) where the breach has cross-
border implications (e.g., where a breach occurs in one territory which affects an audit relationship in another
territory). All breaches reported are evaluated and addressed in line with the Code or relevant independence
regulations.
• PwC Slovakia also has a number of Slovak-specific systems which include:
• A rotation tracking module which monitors compliance with PwC Slovakia audit rotation policies for the member
firm, engagement leaders, other key audit partners involved in an audit.

Independence training and confirmations

PwC Slovakia provides all partners and practice staff with annual or ongoing training in independence matters. Training
typically focuses on milestone training relevant to a change in position or role, changes in policy or external regulation
and, as relevant, provision of services. Partners and staff receive computer-based training on PwC Slovakia’s
independence policy and related topics. Additionally, face-to-face training is delivered to members of the practice on an
as-needed basis by PwC Slovakia’s independence specialists and risk and quality teams.
All partners and practice staff are required to complete an annual compliance confirmation, whereby they confirm their
compliance with relevant aspects of the PwC firm’s independence policy, including their own personal independence. In
addition, all partners confirm that all non-audit services and business relationships for which they are responsible comply
with policy and that the required processes have been followed in accepting these engagements and relationships. These
annual confirmations are supplemented by periodic and ad-hoc engagement level confirmations.

Management’s statement concerning independence practices and review

The Management Board of Slovakia declares that the procedures for ensuring independence are consistent with
applicable regulations.
The last internal review of independence compliance was carried out on a region-wide basis on
PricewaterhouseCoopers CEE and was concluded in June 2024.

PwC | Transparency report 19

Independence monitoring and disciplinary policy
PwC Slovakia is responsible for monitoring the effectiveness of its SoQM in managing compliance with independence
requirements. In addition to the confirmations described above, as part of this monitoring, we perform:
• Compliance testing of independence controls and processes;
• Personal independence compliance testing of a random selection of, at a minimum, partners and practice managers as
a means of monitoring compliance with independence policies; and
• An annual assessment of our firm’s adherence with the PwC network’s standard relating to independence.
The results of PwC Slovakia monitoring and testing are reported to the firm’s management on a regular basis with a
summary reported to them on an annual basis.
PwC Slovakia has a Recognition and Accountability Framework and supporting disciplinary policies and mechanisms in
place that promote compliance with independence policies and processes, and that require any breaches of
independence requirements to be reported and addressed.
This would include discussion with the client’s audit committee regarding the nature of a breach, an evaluation of the
impact of the breach on the independence of the PwC firm and the engagement team and the need for actions or
safeguards to maintain objectivity. Although most breaches are minor and attributable to an oversight, all breaches are
taken seriously and investigated as appropriate. The investigations of any identified breaches of independence policies
also serve to identify the need for improvements in PwC Slovakia systems and processes and for additional guidance and
training.

Rotation of Key Audit Partners and staff

In respect of an audit of a Public Interest entity, an individual shall not be a Key Audit Partner (KAP) for more than 5
years. After such time, the individual shall not be a member of the audit engagement team or be a KAP for the client for 3
years. During that period, the individual shall not participate in the audit of the entity, provide quality control for the
engagement, consult with the engagement team or the client regarding technical or industry-specific issues, transactions
or events or otherwise directly influence the outcome of the engagement. The same policy applies to client assigned
qualified statutory auditor. The Member Firm established an appropriate gradual rotation mechanism with regard to the
most senior personnel involved in the statutory audit, including at least the persons who are registered as statutory
auditors. The gradual rotation mechanism applies in phases on the basis of individuals rather than of the entire
engagement team.

PwC | Transparency report 20

Considerations in undertaking the audit

Our principles for determining whether to accept a new client or continue serving an existing client are fundamental to
delivering quality, which we believe goes hand-in-hand with our purpose to build trust in society. We have established
policies and procedures for the acceptance of client relationships and audit engagements that consider whether we are
competent to perform the engagement and have the necessary capabilities including time and resources, can comply
with relevant ethical requirements, including independence, and have appropriately considered the integrity of the
client. We reassess these considerations in determining whether we should continue with the client engagement and
have in place policies and procedures related to withdrawing from an engagement or a client relationship when
necessary. The policies and processes we have in place emphasise risk and quality considerations such that financial
and operational priorities do not lead to inappropriate judgements about whether to accept or continue a client
relationship.

Client and Engagement Acceptance and Continuance

PwC Slovakia has a process in place to identify acceptable clients based on the PwC network’s proprietary decision
support systems for audit client acceptance and retention (called Acceptance and Continuance (‘A&C’)). A&C facilitates
a determination by the engagement team, business management and risk management specialists of whether the risks
related to an existing client or a potential client are manageable, and whether or not PwC should be associated with the
particular client and its management. More specifically, this system enables:
Engagement teams:
• To document their consideration of matters required by professional standards related to acceptance and
continuance;
• To identify and document issues or risk factors and their resolution, for example through consultation, by adjusting
the resource plan or audit approach or putting in place other safeguards to mitigate identified risks or by declining
to perform the engagement; and
• To facilitate the evaluation of the risks associated with accepting or continuing with a client and engagement.
PwC firms (including PwC firm leadership and risk management):
• To facilitate the evaluation of the risks associated with accepting or continuing with clients and engagements;
• To provide an overview of the risks associated with accepting or continuing with clients and engagements across
the client portfolio; and
• To understand the methodology, basis and minimum considerations all other PwC firms in the network have
applied in assessing audit acceptance and continuance.

PwC | Transparency report 21

 Our
people

Message Our approach Cultures and Our people Our approach Monitoring PwC Network Legal and
from to quality values governance
leadership structure

PwC | Transparency report 22

Our people

People strategy

Our people strategy was developed in support of our

broader business strategy, The New Equation. We are
focused on being the world’s leading developer of talent
and enabling our people with greater agility and confidence
in a rapidly changing world. Specific focus areas include
creating a resilient foundation for times of change through
supporting the well-being of our people and enabling
effective delivery; developing inclusive leaders for a shifting
world; and enabling our workforce for today’s realities and
tomorrow’s possibilities.

The PwC Professional

The PwC Professional is the set of behaviours we expect

of all our people, at all levels, to demonstrate with each
other and with our clients and other stakeholders. When we
focus on the behaviours that guide our interactions, we
create opportunities to build trust and empower our teams
to deliver distinctive outcomes. This is how we build trust in
society and solve important problems.

Audit Quality Measures

• Average staff fluctuation rate

• Partner and manager hours in relation to total
engagement hours

PwC | Transparency report 23

 At PwC, we're an organisation that fosters a culture of belonging and equity where our diverse workforce
can thrive and feel like they belong. We do this by delivering on our Inclusion First strategy, which is
centred on action, accountability and advocacy, in each of our member firms, across the PwC network.

We embrace and encourage differences and help our people actively develop the skills to work and lead
Inclusion and inclusively with our focus on gender equity, disability inclusion, LGBT+ inclusion and social inclusion.
diversity Underpinning this is ensuring our systems and behaviours are inclusive.

PwC Slovakia aims to recruit, train, develop and retain the best and the brightest staff who share in the
firm’s strong sense of responsibility for delivering high-quality services. Our hiring standards include a
structured interview process with behaviour-based questions built from The PwC Professional framework,
assessment of academic records, and background checks. Across the firm in FY24, we recruited over 80
Recruitment new people, including 64 university graduates (inc. interns).

Our audit engagements are staffed based on expertise, capabilities and years of experience.
Team selection, Engagement leaders determine the extent of direction, supervision and review of junior staff.
experience and
supervision

Our team members obtain feedback on their overall performance, including factors related to audit
quality, such as technical knowledge, auditing skills and professional scepticism. Audit quality is an
important factor in performance evaluation and career progression decisions for both our partners and
staff. Feedback on performance and progression is collected via our Snapshot tool, a simple, mobile-
enabled technology. We also use Workday to give and receive upward and peer feedback. As of October
Feedback and 2024, the new Feedback Exchange Tool has replaced Snapshot and Workday and fully covers the entire
continuous feedback process. Ongoing feedback conversations help our people grow and learn faster, adapt to new
development and complex environments, and bring the best to our clients and firm.

PwC Slovakia uses The PwC Professional, our global career progression framework, which sets out clear
expectations at all staff levels across five key dimensions. The framework underpins all elements of
career development and helps our people develop into well-rounded professionals and leaders with the
capabilities and confidence to produce high-quality work, deliver an efficient and effective experience for
Career our clients, execute our strategy, and support our brand. Our annual performance cycle is supported by
continuous feedback conversations and regular check-ins with the individual’s Team Leader to discuss
progression their development, progression and performance.

Turnover in the public accounting profession is often high because as accounting standards and
regulations change, accountants are in demand and the development experience we provide makes our
staff highly sought after in the external market. Our voluntary turnover rate fluctuates based on many
factors, including the overall market demand for talent.
Retention

Each PwC firm participates in an annual Global People Survey, administered across the network to all of
Global People our partners and staff. PwC Slovakia is responsible for analysing and communicating results locally,
Survey along with clearly defined actions to address feedback.

PwC | Transparency report 24

Learning and education

Professional Development Continuing education

We are committed to putting the right people in the right We, and other PwC firms, are committed to delivering
place at the right time. Throughout our people’s careers, quality assurance services around the world. To maximise
they are presented with career development opportunities, consistency in the network, the formal curricula, developed
classroom, virtual classroom and on-demand learning, and at the Network level, provide access to training materials
on-the-job real time coaching/development. Our flexible covering the PwC audit approach and tools, as well as
training portfolio facilitates personalised learning with areas of audit risk and areas of focus for quality
access to a variety of educational materials, including improvement.
webcasts, podcasts, articles, videos and courses.
This formal learning is delivered using a blend of delivery
Achieving a professional credential supports our firm’s approaches, which include remote access, classroom
commitment to quality through consistent examination and learning, virtual classroom, and on-the-job support. The
certification standards. Our goal is to provide our staff with curricula supports our primary training objective of quality,
a more individualised path to promotion and support them while providing practitioners with the opportunity to
in prioritising and managing their time more effectively strengthen their technical and professional skills, including
when preparing for professional exams. Providing our professional judgement while applying a sceptical mindset.
people with the ability to meet their professional and
personal commitments is a critical component of our The design of the curricula allows us to select, based on
people experience and retention strategy. local needs, when we will deliver the training. Our Learning
& Education leader then considers what additional training
is appropriate – formal and/or informal – to address any
additional specific local needs.
Continuing Education of Statutory Auditors
The Management Board of PwC Slovakia declares that our
Statutory Auditors are fully involved in the firm's continuing
education program. In addition to participation in ongoing
internally designed training our statutory auditors are
required by law to take part in the regular local technical
updates.
Statutory Auditors are required to attend at least 120 hours
of training during a three-year cycle and attend at least 20
hours of training every calendar year. Each Statutory
Our training investment in people
Auditor is required to complete at least 10 hours in a
calendar year for trainings related to Ethics and ISA, 30 Assurance Training FY24
hours during a three-year cycle. Training hours achieved by Partners and staff
11 960 13 101 10 916
Our local L&D department is responsible for ensuring the
online classroom ACCA
participation of staff and Partners in learning activities and
keeping relevant records.
FY24 Total hours completed
35 977
Audit Quality Measures Assurance Training FY23
Training hours achieved by Partners and staff
11 875 17 718 10 079
• Training hours per audit professional online classroom ACCA
• Mandatory training attendance
FY23 Total hours completed
39 672

Mandatory
training
100%
attendance Of partners and staff have completed
all mandatory training in FY24

PwC | Transparency report 25

 Our
approach

Message Our approach Cultures and Our people Our approach Monitoring PwC Network Legal and
from to quality values governance
leadership structure

PwC | Transparency report 26

Our approach

As a member of the PwC network, PwC Slovakia has

access to and uses PwC Audit, a common audit
methodology and process. This methodology is based on
the International Standards on Auditing (ISAs) or PCAOB
Standards (Public Company Accounting Oversight Board
of the United States), with additional PwC policy and
guidance provided where appropriate. PwC Audit policies
and procedures are designed to facilitate audits conducted
in compliance with all ISA / PCAOB requirements that are
relevant to each individual audit engagement. Our
common audit methodology provides the framework to
enable PwC firms to consistently comply in all respects
with applicable professional standards, regulations and
legal requirements.

PwC | Transparency report 27

Tools and technologies to support our audit

Halo Platform enables our engagement teams to manage

Our technology all data extractions, executions and storage for all
applications through one central location, allowing our
engagement teams to monitor the status of data uploads
Aura, our global audit documentation platform, is used
and use the acquired entity data for multiple applications
across the PwC network. Aura helps drive how we build
during the audit.
and execute our audit plans by supporting teams in
applying our methodology effectively, by creating
transparent linkage between risks, required procedures,
controls and the work performed to address those risks, as
well as providing comprehensive guidance and project
management capabilities. Targeted audit plans specify risk
levels, controls reliance and substantive testing. Real time
dashboards show teams audit progress and the impact of
Our next generation audit
scoping decisions more quickly.
As part of our commitment to building trust and delivering
Connect is our collaborative platform that allows clients to sustained outcomes, the PwC network is investing in a
quickly and securely share audit documents and multi-year effort to deliver a new global audit platform to
deliverables. Connect also eases the burden of tracking power our next generation audit, ultimately replacing our
the status of deliverables and resolving issues by legacy technologies such as Aura and Connect. By
automatically flagging and tracking outstanding items and exploring and investing in new technologies and redefining
issues identified through the audit for more immediate underlying audit processes, PwC will further standardise,
attention and resolution. Clients are also able to see audit simplify, centralise, and automate our audit work. PwC’s
adjustments, control deficiencies, and statutory audit investment will accelerate ongoing innovation and enable
progress for all locations- in real time. us to respond to changing stakeholders’ needs while
Connect Audit Manager streamlines, standardises and taking advantage of emerging technologies, including
automates group and component teams coordination for generative AI, providing a transformed audit experience
group and statutory/regulatory audits. It provides a single focusing on continuous quality enhancement. PwC’s vision
digital platform to see all outbound and inbound work and for NGA is to provide efficient, robust and independent
digitises the entire coordination process which facilitates assurance and audit insights across financial and non-
greater transparency, compliance and quality for complex financial information, helping to build trust in what matters
multi-location audits. to our stakeholders. As PwC gains momentum around the
next generation audit programme, we will continue to
Halo, our data auditing tools, address large volumes of release new capabilities on an ongoing basis to enhance
data, analysing whole populations to improve risk quality and the overall audit experience.
assessment, analysis and testing. For example, Halo for
Journals enables the identification of relevant journals There have been significant investments across the PwC
based on defined criteria making it easier for engagement network into Generative AI as we seek to reimagine how
teams to explore and visualise the data to identify client we further enable our people by leveraging the power of
journal entries to analyse and start the testing process. AI. We are focused on promoting a culture of responsible
usage of AI while supporting ongoing interest and quickly
Count, which facilitates the end-to-end process for evolving potential use cases for AI including Generative AI.
observing inventory counts, allows our engagement teams
to create and manage count procedures, counters to
record results directly onto their mobile device or tablet
and engagement teams to export final results into Aura.
PwC Confirmations, our global, secure, web-based
confirmation platform providing a guided experience to
preparing, sending, monitoring and receiving electronic
and paper responses for our auditors and third-party
confirmers as well as a dashboard view to assist in status
updates. The Confirmer portal allows confirmers to easily
navigate and provide responses.

PwC | Transparency report 28

 Reliability and auditability of audit technologies

Our firm has designed and implemented processes and controls to underpin the reliability of these audit technologies.
This includes clarification of the roles and responsibilities of audit technology owners and users. In addition, we have
guidance focused on the sufficiency of audit documentation included in the workpapers related to the use of these audit
technologies, including consideration of the reliability of the solution, and the documentation needed to assist the reviewer
in meeting their direction, supervision and review responsibilities as part of the normal course of the audit.

Confidentiality and Information Security

Confidentiality and information security

Confidentiality and information security are key elements of our professional responsibilities. Misuse or loss of confidential
client information or personal data may expose the firm to legal proceedings, and it may also adversely impact our
reputation. We take the protection of confidential and personal data very seriously.
Our focus on our clients requires a holistic and collaborative approach to reducing security, privacy and confidentiality
risks with significant investment in appropriate controls and monitoring to embed an effective three lines of defence
model. This model has enabled us to strengthen our information security organisation, align to industry good practice and
improve our internal control frameworks.

Data Privacy
The firm maintains a robust and consistent approach to the management of all personal data, with everyone in our
organisation having a role to play in safeguarding personal data. We have build on our extensive GDPR compliance
programme, and are committed to embedding good data management practices across our business.

Information Security
Information Security is a high priority for the PwC Network. Our firm is accountable to our people, clients, suppliers, and
other stakeholders to protect information that is entrusted to us. Failure to protect information could potentially harm the
individuals whose information our firm holds, lead our firm to suffer regulatory sanctions or other financial losses, and
impact the PwC reputation and brand. As such, our firm complies with the Information Security Policy (ISP) which outlines
the minimum security requirements for all PwC firms.

PwC Slovakia compliance with the ISP is measured through quarterly data-driven assessments as a well as a yearly
evidence based assessment for each PwC firm. Deviations that result from the ISP assessment are prioritised for
remediation per timelines agreed with firm leadership.

PwC | Transparency report 29

Supporting engagement performance
Evolving delivery model
We continue to evolve the way we deliver our services, so our people give our clients an even better
experience, further enhance the quality of what we do and create economic capacity to invest in the
future. We use delivery centres to streamline, standardise, automate, and centralise portions of the
audit.

Direction, coaching and supervision

Engagement Leaders and senior engagement team members are responsible and accountable for
providing quality coaching throughout the audit and supervising the work completed by junior
members of the team, coach the team and maintain audit quality. Teams utilise Aura which has
capabilities to effectively monitor the progress of the engagement to make sure that all work has been
completed and reviewed by relevant individuals, including the Engagement Leader.

Consultation culture
Consultation is key to ensuring audit quality. We have formal protocols about mandatory consultation,
in the pursuit of quality. For example, our engagement teams consult with appropriate groups in areas
such as taxation, risk, valuation, actuarial and other specialities as well as individuals within our
regional Risk & Quality function.

Risk and Quality – Technical function

The risk and quality management includes specialists in accounting, auditing and financial reporting.
These professionals play a vital role in maintaining and updating our policies in these areas by
keeping track of new accounting and auditing laws and disseminating this information to employees.

Assurance Quality Partner (AQP) network

Our AQP network comprises of Partners and professionals who help audit teams design effective and
efficient audit approaches and reinforce key learnings points from audit training and guidance. Our
AQPs contribute to market and industry group meetings focused on audit quality topics and provide
advice on auditing matters through review of certain aspects of selected audit engagements before
those audits are completed.

Differences of opinion
Protocols exist to resolve the situations where a difference of opinion arises between the Engagement
Leader and either the EQCR, another Assurance Partner or central functions such as the Accounting
Consulting Services. These include the use of technical panels consisting of Partners independent of
the engagement.

Engagement Quality Control Reviewer (EQCR)

Audit engagements of PIEs are assigned a EQCR as part of the firm’s system of quality management
as required by professional standards and local regulations. These Partners, who have the necessary
experience and technical knowledge, are involved in the most critical aspects of the audit. For
example, they may advise on matters of firm independence, risks of material financial statement
misstatement and a team’s responses to those risks, and specific accounting, auditing, and financial
reporting and disclosure issue.

PwC | Transparency report 30

 Monitoring

Message Our approach Cultures and Our people Our approach Monitoring PwC Network Legal and
from to quality values governance
leadership structure

PwC | Transparency report 31

Monitoring

Monitoring of Assurance quality Aim to Prevent: Real-Time Assurance

We recognise that quality in the Assurance services we We have developed a Real-Time Assurance (RTA)
deliver to clients is key to maintaining the confidence of programme designed to provide preventative
investors and other stakeholders in the integrity of our monitoring that helps coach and support engagement
work. It is a key element to our Assurance strategy. teams to get the ‘right work’ completed in real-time,
Responsibility for appropriate quality management lies during the audit.
with the leadership of PwC Slovakia. This includes the The RTA program is organized centrally at the CEE
design and operation of an effective SoQM that is level, incorporating all territories into the selection
responsive to our specific risks to delivering quality audit process, aiming to cover both the engagements of
engagements, using the network’s QMSE framework. higher risk, as well as all signers, at the regular basis.
The review is carried out by a group of dedicated and
highly experienced reviewers from the RTA Group.
The overall quality objective under the QMSE Overseen by the CEE Chief Quality Officer.
framework is to have the necessary capabilities in our The review program has a two-tier structure,
firm and to deploy our people to consistently use our incorporating engagements with full review, covering all
methodologies, processes and technology in the phases of audit, as well as reviews targeting specific
delivery of Assurance services in an effective and audit areas, including the new standards or areas of
efficient manner to fulfil the valid expectations of our higher complexity or risk.
clients and other stakeholders. The recurring observations and those significant in their
nature are communicated to the whole practice as
reminders from the Methodology function, or messages
Our firm’s monitoring includes an ongoing assessment shared on the Risk & Quality forums at both territory
aimed at evaluating whether the policies and procedures and regional levels
which constitute our SoQM are designed appropriately and
operating effectively to provide reasonable assurance that
our audit, non-audit assurance and related services Audit engagement inspections - internal
engagements are performed in compliance with laws, 120 Compliant
regulations and professional standards (also referred to as
100
our ongoing monitoring). This includes the use of Real- Compliant with
improvements required
Time Assurance. 80
Non-compliant
60
Audit Quality Measures
40

• Number of ECRs rated as Compliant, Compliant with 20

Improvement Required, Non-Compliant
• ECRs rated as Compliant, Compliant with 0
FY24 FY23 FY22
Improvement Required, Non-Compliant related to
total number of ECRs (%)
• Financial statement restatements involving PIE
Restatements
audits due to material errors
Number of financial statement restatements
0 involving PIE audits due to material errors
(where PwC was the prior year auditor)

PwC | Transparency report 32

In addition to the ongoing monitoring noted above, our
monitoring also encompasses periodic assessment of our Audit quality reviews - external
SoQM which includes the review of completed
engagements (Engagement Compliance Reviews - ECR),
as well as periodic monitoring of our SoQM by an objective
team within our firm. The results of these procedures, The last external quality assurance review was
together with our ongoing monitoring, form the basis for
the continuous improvement of our SoQM. ECRs are
carried out by the Audit Oversight Authority
performed under a network-wide inspection programme (UDVA) between October 2023 and April 2024.
based on professional standards and PwC audit The review covered the period from 1 May
methodology. 2020 through 1 November 2023, and the final
ECRs are risk-focused reviews of completed engagements report was issued on April 24, 2024.
covering, on a periodic basis, individuals in our firm who
are authorised to sign audit, non-audit assurance or
related services reports. The review assesses whether an
engagement was performed in compliance with PwC Audit
guidance, applicable professional standards and other
applicable engagement-related policies and procedures.
Each signer is reviewed at least once every five years,
unless a more frequent review is required based on the 2024
profile of that signer’s client engagements or due to local 100%
regulatory requirements.
Reviews are led by experienced Assurance partners,
supported by objective teams of partners, directors, senior
managers and other specialists. ECR reviewers may be
sourced from other PwC firms if needed to provide
appropriate expertise or objectivity. Review teams receive
training to support them in fulfilling their responsibilities Compliant
and utilise a range of checklists and tools developed at the
network level when conducting their inspection
procedures. The network inspection team supports review
teams by monitoring the consistent application of guidance
on classification of engagement findings and engagement
assessments across the network.

Audit Quality Measures

• Total number of file reviews by external regulators

PwC | Transparency report 33

Additionally, the PwC network undertakes periodic reviews
to evaluate certain elements of PwC firms’ SoQMs. The Learn: Root cause Analysis
network also looks at the PwC firm leadership’s own
assessment of the effectiveness of their system of quality Learn: Root cause analysis
management and their determination of whether the
overall quality objective has been achieved. We perform analyses to identify potential factors
contributing to our firm’s audit quality so that we can
The inspection results are reported to our firm’s leadership take actions to continuously improve. Our primary
who are responsible for analysing the results of the objectives when conducting such analyses are to
inspections along with quality findings identified from all understand what our findings tell us about our SoQM
sources of information, for performing timely root cause and to identify how our firm can provide an effective
analysis, and for implementing remedial actions as environment for our engagement teams to deliver a
necessary. In situations where adverse quality matters on quality audit. We look at quality findings from all sources
engagements are identified, based on the nature and including our own ongoing monitoring of our SoQM as
circumstances of the issues, the responsible engagement well as Network inspection of our SoQM, audits both
leader or our firm’s Assurance leadership personnel may with and without deficiencies — whether identified
be subject to additional mentoring, training or further through our own internal inspections process or through
sanctions in accordance with our firm’s Recognition and external inspections and other inputs such as our Global
Accountability Framework. People Survey and financial statement restatements
Assurance engagement leaders of our firm receive and accounting errors — to help identify possible
information on the results of the network inspection distinctions and learning opportunities.
program, designed for their use in assessing the scope of For individual audits, an objective team of root cause
audit work they determine needs to be performed and their specialists identifies potential factors contributing to the
reliance on work performed by PwC firms in connection overall quality of the audit. We consider factors relevant
with their audit of a client’s consolidated financial to technical knowledge, supervision and review,
statements. professional scepticism, engagement resources, and
training, amongst others. Potential causal factors are
identified by evaluating engagement information,
performing interviews, and reviewing selected audit
working papers to understand the factors that may have
contributed to audit quality.
In addition, the data compiled for audits both with and
without engagement-level findings is compared and
contrasted to identify whether certain factors appear to
correlate to audit quality.
Our goal is to understand how quality audits may differ
from those with engagement-level findings, and to
evaluate how these learnings may be used to
continuously improve all of our audits. We evaluate the
results of these analyses to identify enhancements that
may be useful to implement across the practice. We
believe these analyses contribute significantly to the
continuing effectiveness of our quality management.
Our Root Cause analyses are conducted for not only the
result of external (primarily regulatory, if applicable in
the given year) and internal review of completed
audited. We also perform root cause analysis on what
matters are noted in real time assurance and our testing
of our System of Quality Management. Assurance
leadership is then responsible for updating guidance,
communication, training etc to eliminate such matters
taking place in the future.

PwC | Transparency report 34

 PwC
network

Message Our approach Cultures and Our people Our approach Monitoring PwC Network Legal and
from to quality values governance
leadership structure

PwC | Transparency report 35

 PwC network
PricewaterhouseCoopers International The PwC network is not one international partnership and
Limited PwC member firms are not otherwise legal partners with
PricewaterhouseCoopers International Limited each other. Many of the member firms have legally
PwC is the brand under which the member firms of registered names which contain
PricewaterhouseCoopers International Limited (PwCIL) “PricewaterhouseCoopers”, however there is no
operate and provide professional services. Together, these ownership by PwCIL. A member firm cannot act as agent
firms form the PwC network. ‘PwC’ is often used to refer either of PwCIL or any other member firm, cannot obligate
to individual firms within the PwC network or to several or all of PwCIL or any other member firm, and is liable only for its
them collectively. own acts or omissions and not those of PwCIL or any
other PwC firm. Similarly, PwCIL cannot act as an agent of
In many parts of the world, accounting firms are required by
any member firm, cannot obligate any member firm, and is
law to be locally owned and independent. Although regulatory
liable only for its own acts or omissions.
attitudes on this issue are changing, PwC member firms do
not and cannot currently operate as a corporate multinational. The governance bodies of PwCIL are:
The PwC network is not a global partnership, a single firm, or
a multinational corporation. The governance bodies of PwCIL are:
For these reasons, the PwC network consists of firms which • Global Board, which is responsible for the
are separate legal entities. The firms that make up the network governance of PwCIL, the oversight of the Network
Leadership Team and the approval of network
are committed to working together to provide quality service
standards. The Board does not have an external
offerings for clients throughout the world. Firms in the PwC
role. The Board is comprised of elected partners
network are members in, or have other connections to from PwC firms around the world and one or more
PricewaterhouseCoopers International Limited (PwCIL), an external independent directors. Please refer to the
English private company limited by guarantee. PwCIL does following page on the PwC Global website:
not practise accountancy or provide services to clients. Rather https://www.pwc.com/gx/en/about/corporate-
its purpose is to facilitate coordination between member firms governance/global-board-governance-structure.html
for a list of the current members of the Global Board.
in the PwC network. Focusing on key areas such as strategy,
brand, and risk and quality, the Network Leadership Team and • Network Leadership Team, which is responsible
for setting the overall strategy for the PwC network
Board of PwCIL coordinates the development and
and the standards to which the PwC firms agree to
implementation of policies and initiatives to achieve a common adhere.
and coordinated approach amongst individual PwC firms
• Strategy Council, which is made up of the leaders
where appropriate. Member firms of PwCIL can use the PwC of the largest PwC firms and regions of the network,
name and the resources and methodologies of the PwC agrees on the strategic direction of the network and
network. In addition, member firms may request the resources facilitates alignment for the execution of strategy.
of other member firms and/or secure the provision of • Global Leadership Team, which is appointed by
professional services by other member firms and/or other and reports to the Network Leadership Team and
entities. In return, member firms are bound to abide by certain the Chairman of the PwC network. Its members are
common policies and to maintain the standards of the PwC responsible for leading teams drawn from PwC firms
to coordinate activities across all areas of our
network as put forward by PwCIL.
business.
The CEE Chief Executive Officer Adam Krasoń
represents PwC CEE in the Strategy Council and
maintains our relationships with the Network
Leadership Team.

PwC | Transparency report 36

 Legal and governance
structure

Message Our approach Cultures and Our people Our approach Monitoring PwC Network Legal and
from to quality values governance
leadership structure

PwC | Transparency report 37

Central and Eastern European Region
It also reflects the fact that regulatory authorities in some
PwC Slovakia cooperates with other Central and
countries grant the right to practise as auditors to
Eastern European PwC Firms to provide services to
nationally based firms in which locally qualified
local and mutual international clients operating in our
professional auditors (or in the European Union a
region. PwC in Central & Eastern European is
combination of auditors and or EU audit firms) have at
organized as a group for which
least a majority ownership and control.
PricewaterhouseCoopers Eastern Europe B.V. acts as
a holding company with shares in other entities.
Within the Central & Eastern European a matrix system of
PricewaterhouseCoopers Eastern Europe B.V. belongs
management is operated. Each Partner votes in a 4 yearly
to PricewaterhouseCoopers EE Holdings BV. Shares in
election of a PwC CEE Chief Executive Officer who
PricewaterhouseCoopers EE Holdings BV are
appoints a Regional Management Board, including
controlled by Stichting PricewaterhouseCoopers EE,
representatives from geography and business lines and
(Dutch Foundation) in administration for 268 holders of
Operational Leaders. This Management Board is
depository receipts eng. depositary receipts, everyone
responsible for setting broad business objectives and
having equal rights.
ensuring compliance with PwC International policies.
This cooperation is organised through a regional
Across geographical lines the policy and business
management team which, in addition to ensuring the
objectives of each principal business line (Assurance, Tax
adherence of these regional firms to the policies and
& Legal and Advisory) are set by the business line
procedures of PwC International, enables resource
management team.
sharing, the enforcement of risk management policies
and quality standards. Oversight of the Regional Management Board on behalf of
the Partners is carried out by an elected regional Partner
Council, which approves key policies and decisions which
Each national PwC firm also has its own management
affect Partners and the firm.
structure in place, in accordance with relevant legal and
operational requirements. This legal structure and
network arrangement gives each member firm the
flexibility and autonomy to respond quickly and
effectively to conditions in its local market.

Legal and governance structure of PwC Slovakia

Legal structure and ownership of Governance structure
the PwC Slovakia of the PwC Slovakia

PwC Slovakia is a limited liability company registered PwC Slovakia is managed by a group of three
in the Commercial Register of the Slovak Republic. executives appointed by the General Meeting of
The ultimate beneficiaries of this entity are the Shareholders. The executives are responsible for
Partners in the PricewaterhouseCoopers member company management and its legal representation.
firms. PwC Slovakia is a member of
PricewaterhouseCoopers International Limited.
The table below lists its shareholders and their share
capital and possession of controlling votes.

PwC | Transparency report 38

Partners remuneration
Partners are remunerated out of the profits of the firm and are personally responsible for funding
pensions and other benefits such as medical care. The Partner evaluation and compensation
process is fully compliant with the independence requirements of the IESBA Code of Ethics for
Professional Accountants which disallows a Partner to be assessed or rewarded for selling non-
assurance services to own audit clients. A Partner’s remuneration is based on the Partner's
contribution to the firm during the year and following the completion of the annual audits for the
national firms. The allocation is reviewed and approved by the CEE Partner Council. Each Partner’s
remuneration is based on their responsibility with equity units being allocated on the basis of a matrix
which primarily takes account of the Partner’s current role within the firm. There is also a variable
(Performance element), reflecting how a Partner and the teams they work with perform in a given
year.

This is determined by assessing a Partner’s achievements against an individually tailored balanced

scorecard of objectives based on the Partner’s role. These objectives include the realisation of the
firm's audit quality standards and absolute adherence to our integrity and independence regulations.

PwC | Transparency report 39

Financial Information
for the year ended 31 December 2024

In ths.
Revenues (unaudited)
EUR
Statutory audits of annual and consolidated 4 764
financial statements of public-interest entities
and entities belonging to a group of
undertakings whose parent undertaking is a
public-interest entity;
Statutory audits of annual and consolidated 5 020
financial statements of other entities

Total audit fees 9 784

Permitted non-audit services to audited 26 437

entities
Non-audit services to other entities 9 096

Total Revenues 45 317

PwC | Transparency report 40

Appendix 1
List of Public Interest Entities audited

PwC | Transparency report 41

Appendix 1
List of Public Interest Entities audited
during the year ended 31 December
2024
Allianz - Slovenská dôchodková
Slovenská sporiteľňa, a.s
správcovská spoločnosť, a.s.

Allianz - Slovenská poisťovňa, a.s. SLSP Social Finance, s.r.o.

BNP Paribas Cardif Poisťovňa, a.s. UNIQA d.d.s., a.s.

Colonnade Insurance S.A., pobočka

UNIQA d.s.s., a.s.
poisťovne z iného členského štátu

Československá obchodná banka, UNIQA investiční společnost, a.s.,

a.s. organizačná zložka Slovensko
UNIQA pojišťovna, a.s., pobočka
ČSOB Poisťovňa, a.s.
poisťovne z iného členského štátu

ČSOB Stavebná sporitel'na a.s. Wüstenrot poisťovňa, a.s.

Erste Asset Management GmbH,

Wüstenrot stavebná sporiteľňa, a.s.
pobočka Slovenská republika
Euler Hermes SA, pobočka
poisťovne z iného členského štátu
Fio banka, a. s., pobočka
zahraničnej banky
KBC Asset Management NV,
pobočka zahraničnej správcovskej
spoločnosti

Prvá stavebná sporiteľňa, a. s.

PwC | Transparency report 42

Appendix 2
PwC network firms

PwC | Transparency report 43

Appendix 2

Total turnover achieved by statutory auditors and audit The table below provides the name of each statutory
firms from EEA Member States that are members of the auditor operating as a sole practitioner or audit firm that is
PwC network resulting, to the best extent calculable, from a member of PwC network from EU or EEA Member
the statutory audit of annual and consolidated financial States as at 30 June 2024 and the countries in which each
statements is approximately 3.0 billion Euros. This statutory auditor operating as a sole practitioner or audit
represents the turnover from each entity's most recent firm that is a member of PwC network is qualified as a
financial year converted to Euros at the exchange rate statutory auditor or has his, her or its registered office,
prevailing as of 30 June 2024. central administration or principal place of business.

Member State Name of firm

Austria PwC Wirtschaftsprüfung GmbH, Wien

Austria PwC Wirtschaftsprüfungs- und Steuerberatungsgesellschaft GmbH, Linz

Austria PwC Tax & Audit Services Wirtschaftsprüfung und Steuerberatung GmbH, Graz

Austria PwC Österreich GmbH, Wien

Belgium PwC Bedrijfsrevisoren bv/Reviseurs d'enterprises srl

Bulgaria PricewaterhouseCoopers Audit OOD

Croatia PricewaterhouseCoopers d.o.o

Croatia PricewaterhouseCoopers Savjetovanje d.o.o

Cyprus PricewaterhouseCoopers Limited

Czech Republic PricewaterhouseCoopers Audit s.r.o.

Denmark PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab

Estonia AS PricewaterhouseCoopers

Finland PricewaterhouseCoopers Oy

France PricewaterhouseCoopers Audit

France PricewaterhouseCoopers France

PwC | Transparency report 44

Appendix 2

Member State Name of firm

France M. Antoine Priollaud

Germany PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft

Germany Wirtschaftsberatung Aktiengesellschaft Wirtschaftsprüfungsgesellschaft

Greece PricewaterhouseCoopers Auditing Company SA

Hungary PricewaterhouseCoopers Könyvvizsgáló Kft.

Iceland PricewaterhouseCoopers ehf

Ireland PricewaterhouseCoopers

Italy PricewaterhouseCoopers Spa

Latvia PricewaterhouseCoopers SIA

Liechtenstein PricewaterhouseCoopers GmbH, Ruggell

Lithuania PricewaterhouseCoopers UAB

Luxembourg PricewaterhouseCoopers, Société coopérative

Malta PricewaterhouseCoopers

Netherlands PricewaterhouseCoopers Accountants N.V.

Norway PricewaterhouseCoopers AS

Poland PricewaterhouseCoopers Polska sp. z. o.o.

Poland PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp. k.

Poland PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością sp. k.

Portugal PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda

Romania PricewaterhouseCoopers Audit S.R.L.

Slovakia PricewaterhouseCoopers Slovensko, s.r.o.

Slovenia PricewaterhouseCoopers d.o.o.

Spain PricewaterhouseCoopers Auditores, S.L.

Sweden PricewaterhouseCoopers AB

Sweden Öhrlings PricewaterhouseCoopers AB

PwC | Transparency report 45

pwc.com

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